Niomco seeks to complete concession agreement for economic growth in steel and mining Incorporated in 1979, Niomco has been operating in Nigeria using various innovations to produce steel. Full production started in 1992 for about 8 years and the company had to stop production when it was obvious there was no space for storing finished products.
One of the challenges facing Niomco was what occurred in 2004, when Niomco entered concession agreements with the federal government of Nigeria for 10 years, the company was operating under Global Infrastructure Nigeria Ltd. That agreement was scrapped because of breach of contract emanating from Global Infrastructure Nigeria Ltd.
Now, after some finalising of matters at court, Niomco is ready to settle the concession agreement with Global Infrastructure Nigeria Ltd. Today, the mining industry is really underperforming. There are many untapped opportunities because the mining industry is still in its infancy.
There are a lot of minerals to draw the attention of investors and there are some reforms that need to be implemented for the industry to perform in the optimal manner. If the right steps are taken, Nigeria will really benefit from the industry. Same thing can be said about the steel industry.